Ethena Foundation will use the proceeds from the sale of ENA tokens to launch the staking rewards token iUSDe for traditional financial institutions, in addition to their existing sUSDe staking rewards token for general usage

Quotes that support claims

Ethena's iUSDe, announced in January, is an attempt to "export" its staked USDe product, sUSDe, to legacy finance, including asset managers, ETFs, prime brokers, private credit funds and investment trusts, the project said at the time.

The funds will be used to support building out a new chain for the Ethena network and its broader ecosystem, as well as the upcoming launch of its institutional product, iUSDe